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MUMBAI :
UCO Bank on Friday reported a net profit to ₹21.45 crore for the June quarter on the again decrease provisions and better different earnings.
The state-owned lender had posted a net loss of ₹601.45 crore in the identical quarter final yr.
Net curiosity earnings, or the distinction between curiosity earned on loans and that paid on deposits, decreased 5.11% to ₹1266.78 crore for the quarter ended 30 June in opposition to ₹1334.97 crore reported throughout the identical quarter of the earlier fiscal.
Other earnings, which incorporates core payment earnings, rose 22.83% year-on-year to ₹773.93 crore throughout the interval beneath evaluation from ₹630.08 crore.
The lender made provisions price ₹1180.37 crore, versus ₹1802.89 crore throughout the identical quarter of the previous fiscal.
Gross NPAs, as a proportion of gross advances, had been at 14.38% in contrast with 24.85% as of June 2019 and 16.77% as of March, 2020.
After provisions, net NPA ratio was at 4.95% in opposition to 5.45% throughout January-March and eight.98% in the year-ago quarter.
At 1:30 pm, shares of UCO Bank gained 3.67% to ₹14.70 apiece on Friday on BSE, whereas the benchmark index, Sensex misplaced 0.39% to 37587.50 factors.
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